Despite some recent high-profile layoff announcements, the number of people filing new unemployment claims declined by 8,000 in the latest week, as there were 212,000 Initial Jobless Claims reported. However, Continuing Claims rose by 30,000, with 1.895 million people still receiving benefits after filing their initial claim.
What’s the bottom line? While Initial Jobless Claims are still relatively low, the real story is Continuing Claims, which reached their second highest level since November 2021. Continuing Claims have been trending higher since reaching a low of 1.658 million in September, and this suggests it’s becoming harder for people to find a job once they are let go.